- Italy, Spain, and Ireland sovereign spreads over the Bund at lowest weekly close since beginning of the crisis;- The European Central Bank delivered an emergency quarter-point cut in interest rates – but president, Mario Draghi, cautioned governments in the recession-hit eurozone against “unravelling” their austerity policies. – Heather Stewart, Guardian;
– The European commission warned the recession will be deeper than previously feared this year, reducing its outlook for crisis-stricken Cyprus and downgrading the prospects of the biggest economies. – Katie Allen, Guardian;- Final Eurozone Manufacturing PMI moved to a 4-month low of 46.7m contracting for the twenty-first successive month;
– German output contracted for the first time in 2013;- All national PMIs signaled contraction;
– Germany’s DAX stock exchange closed at its highest ever level.